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Ikarian Capital Portfolio holdings

AUM $1.23B
1-Year Est. Return 600.17%
This Fund
S&P 500
This Quarter Est. Return
+131.73%
1 Year Est. Return
+600.17%
3 Year Est. Return
+5,763.15%
5 Year Est. Return
+15,527.6%
10 Year Est. Return
–
AUM
$990M
AUM Growth
+$470M
Cap. Flow
+$292M
Cap. Flow %
29.51%
Top 10 Hldgs %
41.47%
Holding
202
New
69
Increased
29
Reduced
42
Closed
33

Top Buys

Rank Stock Value
1
ABVX
Abivax
ABVX
+$24.3M
2
MLTX icon
MoonLake Immunotherapeutics
MLTX
+$22.7M
3
IONS icon
Ionis Pharmaceuticals
IONS
+$20.3M
4
PTCT icon
PTC Therapeutics
PTCT
+$14.6M
5
DNTH icon
Dianthus Therapeutics
DNTH
+$8.84M

Top Sells

Rank Stock Value
1
ALNY icon
Alnylam Pharmaceuticals
ALNY
+$18.5M
2
INSM icon
Insmed
INSM
+$18.4M
3
VRNA
Verona Pharma
VRNA
+$13.9M
4
COGT icon
Cogent Biosciences
COGT
+$12.1M
5
PRAX icon
Praxis Precision Medicines
PRAX
+$12M

Sector Composition

Rank Sector Weight
1 Healthcare 49.54%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
APLS
26
DELISTED
Apellis Pharmaceuticals
APLS
$10.2M 1.03%
451,902
+376,902
+503% +$8.79M
CGON icon
27
CG Oncology
CGON
$6.44B
$10M 1.01%
249,473
+94,473
+61% +$2.75M
AKRO
28
DELISTED
Akero Therapeutics
AKRO
$9.82M 0.99%
206,854
-13,146
-6% -$637K
JAZZ icon
29
CALL
Jazz Pharmaceuticals
JAZZ
$16.2B
$9.32M 0.94%
+70,700
New +$8.48M
ZURA icon
30
Zura Bio
ZURA
$526M
$9.23M 0.93%
+2,132,322
New +$3.83M
NVO
31
CALL
Novo Nordisk
NVO
$228B
$8.32M 0.84%
+150,000
New +$8.78M
APLS
32
CALL
DELISTED
Apellis Pharmaceuticals
APLS
$8.1M 0.82%
+358,000
New +$8.35M
CNTA
33
CALL
DELISTED
Centessa Pharmaceuticals
CNTA
$7.46M 0.75%
307,700
+107,700
+54% +$1.91M
TENX icon
34
Tenax Therapeutics
TENX
$401M
$7.36M 0.74%
+967,600
New +$5.91M
KOD icon
35
Kodiak Sciences
KOD
$2.66B
$6.77M 0.68%
413,841
-185,693
-31% -$1.6M
TGTX icon
36
TG Therapeutics
TGTX
$8.19B
$6.32M 0.64%
174,959
-34,979
-17% -$1.15M
ACOG
37
Alpha Cognition
ACOG
$190M
$6.16M 0.62%
946,259
+28,392
+3% +$259K
CYTK icon
38
CALL
Cytokinetics
CYTK
$10.9B
$6.1M 0.62%
110,900
-39,100
-26% -$1.61M
AGIO icon
39
CALL
Agios Pharmaceuticals
AGIO
$1.95B
$6.02M 0.61%
+150,000
New +$5.64M
SPRY icon
40
CALL
ARS Pharmaceuticals
SPRY
$559M
$5.65M 0.57%
+562,400
New +$8.07M
CRNX icon
41
Crinetics Pharmaceuticals
CRNX
$8.85B
$5.45M 0.55%
130,902
-302,529
-70% -$9.67M
PRAX icon
42
CALL
Praxis Precision Medicines
PRAX
$8.58B
$5.3M 0.54%
100,000
-142,400
-59% -$6.9M
VRDN icon
43
Viridian Therapeutics
VRDN
$2.2B
$5.3M 0.54%
245,518
-224,431
-48% -$4.05M
PHVS icon
44
Pharvaris
PHVS
$2.37B
$5.24M 0.53%
+210,165
New +$4.66M
SNDX icon
45
Syndax Pharmaceuticals
SNDX
$1.73B
$5.13M 0.52%
+333,733
New +$4.37M
TVTX icon
46
CALL
Travere Therapeutics
TVTX
$5.33B
$5.13M 0.52%
+214,500
New +$4.03M
AGIO icon
47
Agios Pharmaceuticals
AGIO
$1.95B
$5.1M 0.51%
+126,979
New +$4.78M
ANAB icon
48
CALL
AnaptysBio
ANAB
$1.63B
$4.93M 0.5%
+161,100
New +$3.7M
ANAB icon
49
PUT
AnaptysBio
ANAB
$1.63B
$4.93M 0.5%
+161,100
New +$3.7M
KALV
50
CALL
DELISTED
KalVista Pharmaceuticals
KALV
$4.87M 0.49%
400,000
– –
1
2
3 4 5

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Ikarian Capital's Q3 2025 Portfolio in Review

As of Q3 2025, Ikarian Capital held 202 positions worth $990M, up 90% from $521M the previous quarter. Its ten largest holdings account for 41% of the portfolio.

Ikarian Capital deployed $292M of net new capital in Q3 2025, opening 69 new positions and adding to 29 existing holdings. Its largest new stake was Abivax: 396,098 shares worth $33.4M.

By sector, the portfolio is most concentrated in Healthcare at 50% of assets, down from 58% a quarter earlier.

On the sell side, the largest reduction was Insmed, an estimated $18.4M trimmed.

  • Ikarian Capital's largest Q3 2025 buy was Abivax: 396,098 shares worth $33.4M.
  • Ikarian Capital added most to Apellis Pharmaceuticals in Q3 2025, an estimated $8.79M increase.
  • Ikarian Capital's biggest Q3 2025 reduction was Insmed, cutting an estimated $18.4M.
  • Ikarian Capital fully exited Alnylam Pharmaceuticals in Q3 2025, selling an estimated $18.5M.
  • Ikarian Capital's ten largest holdings make up 41% of its $990M portfolio in Q3 2025.
  • Ikarian Capital opened 69 new positions and closed 33 in Q3 2025.
  • Ikarian Capital's portfolio value rose 90% quarter-over-quarter to $990M.

Based on Ikarian Capital's 13F filing for Q3 2025, filed 14 Nov 2025.